Posted on 24. Nov, 2015 by Marc Courtenay.
The following is my open letter to the property managers and readers of my articles. It is intended to make a meaningful, positive difference in your professional and personal lives. Dear Property Managers and Other Readers, This is the time of year that motivates me to thank you for being a part of our extended […]
Posted on 24. Nov, 2015.
Property owners and managers are no strangers to filing insurance claims. However, without proper investigation, they may be held legally responsible for the incidents...
Posted on 24. Nov, 2015.
Improving your carbon footprint will not only help preserve natural resources, it will save you money, too. By updating old windows, preventing air leakage,...
All of us in the business of property management wish there were more hours in the day to complete our work. Yet as the old saying goes “Time waits for no one…” and few have time to waste. Yes, more time is often what we want most, observed William Penn, “…but what we use worst.” By […]
While preparing for winter weather is a common occurrence for property managers throughout the country, the preparation for this year’s winter may be slightly different. The National Oceanic and Atmospheric Administration (NOAA) has predicted the return of El Niño this winter; one of the strongest on record. The return of El Niño means a shifting […]
When I first spoke with Marshall Saunders, a 30-year veteran in the Midwest real estate market who owned and ran the largest RE/MAX office in the world, I knew he’d be an effective advocate. It wasn’t even because he now owns a leading midwestern real estate investment platform, SaundersDailey, which led me to believe he […]
It’s never too early to prepare for year end. Because year end is typically when new systems are implemented, new software purchased, or current work wrapped up, the sooner you can get a jump on these items the better. Here are some things you can finish up now to make a fresh start for the New […]
Whether it’s the last quarter of your business year or the first, knowing some secrets that help you to increase your business’ results can really pay off. Let’s begin with a powerful starting point. Napoleon Hill, the author of one of my favorite books on success (“Think and Grow Rich”) made this observation: “The starting […]
In 1985, the life of a property manager was primarily driven by paperwork. Tenant applications, move-in forms, move-out forms, leases, leasing bonuses, move-out forms, rent receipts, maintenance requests, and work orders; everything required a piece of paper of some kind. Fast forward 30 years, and many property managers and residents may marvel at the tools available for […]
Posted on 06. Oct, 2015 by Marc Courtenay.
Good news is worth celebrating, and there’s good news for the property management business: A huge increase in residential rental real estate will soon need your services. As I’ve reported numerous times during the past two years, more and more homes are being purchased for conversion to single-family rentals (SFR). Since the crash of 2008-2009 […]
Posted on 22. Sep, 2015 by Marc Courtenay.
Knowledge is power, especially in the field of property management. Behind the scenes insights about the direction of interest rates, the national economy and housing values can make a lucrative difference. Recent news that home prices relative to personal income are soaring again is a good example. When the price of buying a condo or […]
Posted on 15. Sep, 2015 by Marc Courtenay.
While vacancy rates are low many property managers are focusing attention on effective ways to retain good residents and proactively please their clients. Saving money is one of the most popular ways. The cost of energy to heat and cool buildings is rising once again. With seasonal variations and the extreme temperature changes many are facing, […]
Like anything in life, it’s often the little things that can make the difference between a signed lease and another week (or more) on the market. It’s hard to overstate the importance of a good first impression. While residents typically consider a variety of issues when deciding whether to rent a particular apartment or home, […]
Posted on 28. Aug, 2015 by Jamie Sternberg.
California law provides a framework for California tenants to request permission from their landlords to install electric vehicle charging stations. AB 2565 added new Civil Code §§1947.6 (residential tenancies) and 1952.7 (commercial tenancies). A summary of the law is below. The full text of these code sections is included at the end of this article. […]
Posted on 25. Aug, 2015 by Marc Courtenay.
In today’s housing market there are some unmistakable trends that I’ve commented on in recent articles. The number of owner-occupied dwellings is dropping while rental vacancies are vanishing. Put another way, recent data from varying sources—including the Census Bureau—verifies that vacancy rates have fallen to a 30-year low. Residents are finding fewer choices available to rent than […]
There is nothing fun about the eviction process. However, when a resident stops paying rent or becomes a problem tenant, appropriate action must be taken. But property managers can turn this frustrating process into a growth opportunity to find new owners. You might also discover potential clients that are ready to sell their “headache” properties. Turn the stress of […]
Recent reports of a robust recovery in the construction and sales of single-family homes are eclipsed by stories of a boom in higher-density, multifamily complexes. Even publicly traded homebuilders are seeing their share prices soar to heights last seen well before the Crash of 2008. D.R. Horton (DHI), the largest publicly-traded homebuilding company recently reported […]
Security deposits continue to present a very unique set of problems for both property managers and staff alike. Property management companies large and small continue to struggle with this very routine task and often lose money in the process. The following is an example of security deposit mismanagement and the associated repercussions experienced by the […]
Posted on 28. Jul, 2015 by Marc Courtenay.
Just when we thought housing prices may cool down, a new sign of a housing “bubble” has emerged. This combined with a June surge in U.S. home construction has property managers paying attention. Other bubbles that directly relate to the property management business include rental rates, which moved 3% higher in June on a year-over-year […]
It’s been one year since my article urging property managers to “Get Yelp for Your Property Management Business.” Hopefully you heeded my suggestions and are reaping good results, because when used effectively and consistently, Yelp brings attention to any business that is customer-centric. If your marketing and management efforts are successful, the world will know […]
If you’ve considered offering corporate or short-term housing, you’re not alone. With property management costs steadily rising, property managers across the U.S. are looking for a reliable funding stream. With a significant increase in business travel and employee relocation, corporate housing is often suggested as a viable way to increase revenue. It’s no secret that […]
Posted on 08. Jul, 2015 by Marc Courtenay.
Often in life, it’s not only what you know but who you know that can make all the difference. Knowledge is powerful, but relationships are the bedrock of the property management business. It all begins with the people we work with, the folks we depend upon, and the personnel that help keep the wheels of progress […]
This question has been kicked around a lot in recent years: Should you require your tenants to obtain renters insurance? While some property management companies require their residents to purchase renters insurance, the vast majority continue to merely suggest that renters insurance be purchased. Unfortunately, this method of persuasion has done little to convince residents to do […]
As we go about our routine responsibilities of serving our owner-clients we often find good deals on residential income properties. That’s true today in smaller markets filled with plentiful opportunities. Bigger cities are the primary markets many investors are focusing on to increase their holdings of income housing. That’s why some of the smaller, out-of-the-spotlight […]
Nearly 7 years after the financial crisis of 2008, a time when mortgages seemed available to almost any American, the “American Dream” of owning a home continues to fade. The “old” dream was to save enough money for a down payment on a home that you could own or partly own by qualifying for a […]
As property managers, your primary focus is to locate and keep quality residents. Long-term residents can mean a stable rental income, less marketing dollars spent, and a stable rental community, which is attractive to all residents. One area that many managers may not realize the value of is a stable work force. Finding and retaining […]
Posted on 09. Jun, 2015 by Mary Girsch-Bock.
We’ve all seen the ads – ‘no credit check, no deposit, move-in today!’ While some property managers may luck out and rent to a resident who does not skip out on the lease, does not destroy the property, and has adequate income to cover the rent, by running ads such as these, managers are opening […]